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LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?
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MARKET STRUCTURE CONTINUUM The four common market structures, perfect competition, monopoly, monopolistic competition, and oligopoly, can be viewed as a continuum based on (1) differences in the number of firms in a market, (2) the relative size of each firm, and thus (3) the market control of each firm. Perfect competition lies at one end and monopoly at the other. Monopolistic competition is close to perfect competition and oligopoly is near monopoly. The essence of the continuum is that monopolistic competition blends into oligopoly, with no clear-cut line of separation.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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